Indian HRC suppliers evaluate workable levels in new offers to UAE

Despite a recent sharp rise in offers, Indian exporters of hot rolled coil (HRC) have decided to take their time to evaluate market developments before announcing new levels to the Emirati market. “Here, we stopped offering. Once a market gets settled, we will come back,” a representative of an Indian steel mill stated. “For the UAE, I suppose no Indian mill has offered yet. The numbers have not been decided yet,” an official at another Indian steel mill told SteelOrbis. Although there have been discussions in the market about a booking of a 10,000 mt ex-India HRC cargo to an Emirati trader at $810/mt CFR, both Indian mills have declined any trading to the destination in question. New ex-India HRC prices to the UAE are expected to be settled at around $830/mt CFR, while a week ago the suppliers had been ready to book material at $780-790/mt CFR, as SteelOrbis reported previously.